Commentary

E1.1321 Qualifying endowment assurances

Personal and employment tax

E1.1321 Qualifying endowment assurances

E1.1321 Qualifying endowment assurances

This article relates to endowment policies securing payment of a capital sum if the assured survives a specified term or on earlier death or disability and explains the conditions such policies must satisfy1 in order to be qualifying policies. Life assurance premium relief is abolished in respect of all policies with effect from, broadly, 6 April 2015 (see E1.1300).

For the purposes of this article:

  1.  

    (a)     a capital sum includes a series of capital sums;

  2.  

    (b)     a policy still secures a capital sum on death or disability even though it may vary with the misfortune;

  3.  

    (c)     a provision for the waiver of premiums on disability is disregarded;

  4.  

    (d)     if the term of the policy runs from a date (the back date) up to three months earlier than the making of the insurance:

    1.  

      (1)     the insurance is treated as made on the back date;

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